Coinbase and other institutions apply to file amicus brief supporting CFTC oversight of equity perpetual contracts

Coinbase, Kalshi, Payward, DRW Holdings, Jump Trading, and Paradigm have applied to the court to file an amicus brief supporting CFTC oversight of single-stock perpetual futures in the United States. The brief responds to a lawsuit filed last week by the Capital Markets Alliance (CMA); the CMA seeks to overturn the CFTC's approval of these products, arguing that equity perpetual contracts have no fixed expiration date and should be treated as "security-based swaps" that cannot be listed on CFTC-regulated exchanges. The institutions stated that the SEC has been involved since the beginning of the regulatory process, and that the SEC and CFTC jointly sought public comment.